Sharing CD with realtors

Posted By: Carter'sMom

Sharing CD with realtors - 11/05/15 06:41 PM

Just got asked by a title company if we would allow them to give the realtors our CD at the closing table. How is everyone handling this?
Posted By: Gioia

Re: Sharing CD with realtors - 11/05/15 06:56 PM

We are only providing the CD to our borrower, if they want to give a copy to their realtor they can have at it. Have heard through the grapevine that some local realtors have come up with a "CD release" form to have their customer's sign to authorize them to receive a copy of the CD.
Posted By: Truffle Royale

Re: Sharing CD with realtors - 11/05/15 07:17 PM

Doesn't really matter what kind of release form someone presents.
While some may not consider it great customer service, it is still within your prevue to refuse to give the CloD to anyone else.
I've always considered the HUD a personal document and never understood why a realtor feels they have a right to see it anyway.
You don't send a copy of the HUD to anyone else who gets paid via the closing (think surveyor, appraiser, etc.)
All the realtor needs to know is that their check amount is correct.
Posted By: MonicaMc

Re: Sharing CD with realtors - 11/05/15 07:21 PM

We have told our Lender's that they are not to provide the CD to anyone except the buyer. And the Title Company will not be allowed to provide it to anyone at all. It is our CD and we will be the ones delivering it.

The Title Companies have control over their Settlement Statement, and they can provide that whomever they wish.
Posted By: tuma

Re: Sharing CD with realtors - 11/05/15 07:37 PM

Curious . . . what are you providing the Seller? Anything Prior to closing?
Posted By: RR Joker

Re: Sharing CD with realtors - 11/05/15 08:07 PM

We're not providing anything to the seller...the attorney can if they want to. (we do not close our own loans that involve a seller unless it's ORE)
Posted By: nulurch12

Re: Sharing CD with realtors - 11/05/15 08:10 PM

As a lender we do not provide the seller with anything directly. What the closing agent or borrower does is up to them.
Posted By: Gioia

Re: Sharing CD with realtors - 11/05/15 09:09 PM

I agree. We will see if any realtor actually presents one to us.
Posted By: MonicaMc

Re: Sharing CD with realtors - 11/05/15 09:59 PM

Of the 5 CDs we have prepared so far, 4 of the title companies have sent us CD's in response to our request for their Settlement Statement. One Title Company, when we told them we are preparing our CD, were astounded when we told them we don't prepare anything for the Seller. They even asked what they were supposed to provide to the Seller!
Posted By: MonicaMc

Re: Sharing CD with realtors - 11/10/15 05:14 PM

So it seems like the general consensus is that most Lenders are only preparing the borrower side of the CD and letting the Settlement Agent prepare the Seller CD. Are you retaining copies of the Seller CD for your file/investors?
Posted By: rlcarey

Re: Sharing CD with realtors - 11/10/15 05:16 PM

1026.19(f)(4)(iv) Creditor's copy. When the consumer's and seller's disclosures under this paragraph (f) are provided on separate documents, as permitted under ยง 1026.38(t)(5), the settlement agent shall provide to the creditor (if the creditor is not the settlement agent) a copy of the disclosures provided to the seller under paragraph (f)(4)(i) of this section.